Intel Corporation CEO Pat Gelsinger has retired from the company after a more than 40-year career.

According to the company, he has also stepped down from the Board of Directors.

Intel has named two senior leaders, David Zinsner and Michelle (MJ) Johnston Holthaus, as Interim Co-CEOs while the company‘s Board of Directors conducts the search for a new CEO.

Interim leadership

Zinsner is Executive Vice President and Chief Financial Officer and Holthaus has been appointed to the newly created position of CEO of Intel Products, a group that encompasses the company’s Client Computing Group (CCG), Data Center and AI Group (DCAI) and Network and Edge Group (NEX).

Frank Yeary, independent Chair of the Board for the organization, will become Interim Executive Chair during the period of transition.

“On behalf of the board, I want to thank Pat for his many years of service and dedication to Intel across a long career in technology leadership,” said Yeary.

“Pat spent his formative years at Intel, then returned at a critical time for the company in 2021.

“As a leader, Pat helped launch and revitalize process manufacturing by investing in state-of-the-art semiconductor manufacturing, while working tirelessly to drive innovation throughout the company.

“With Dave and MJ’s leadership, we will continue to act with urgency on our priorities: simplifying and strengthening our product portfolio and advancing our manufacturing and foundry capabilities while optimizing our operating expenses and capital.

“We are working to create a leaner, simpler, more agile Intel.”

“The best and the brightest”

Gelsinger began his career in 1979 at the company, growing to eventually become its first Chief Technology Officer.

Gelsinger said: “Leading Intel has been the honor of my lifetime – this group of people is among the best and the brightest in the business and I’m honored to call each and every one a colleague.

“I can look back with pride at all that we have accomplished together.

“It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics.

“I am forever grateful for the many colleagues around the world who I have worked with as part of the Intel family.”